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Rediff Q1 India Online Revenues Up 42 Percent At $6.56 Million; $5 Million Ad Revenue; $0.77 Million Profit

View the Financials and Release. Nasdaq listed Rediff.com has reported revenues of $8.32 million for the quarter ended June 30th 2008, up from $6.8 million for Q1 last year. India Online revenues (from Rediff.com) are healthy - they grew 42 percent to $6.56 million, up from $4.62 million in Q1 2007. US Publishing revenues (India Abroad), year on year, have declined 19 percent to $1.76 million. What's worrying is that the quarter saw a significant year-on-year decline of 64 percent in profit - to $0.77 million from $2.12 million for the same quarter last year. Year-on-year, profitability has been on the decline for the company for four quarters now. Update: During the earnings call, Rediff CFO Joy Basu said that the net income for the year ago quarter included a sum of $1.89 million on account of sale of equity…

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